Steel Authority of India Ltd

NSE :SAIL   BSE :500113  Sector : Steel

Stock rallied 4.71 per cent on Monday and closed at 126.60 on NSE. Frontline steel stocks rallied on Monday on the possibility of a price hike and rebound in Chinese steel futures. There are possibilities of increase in prices of some products over the next few days. Moreover, Chinese steel futures also bounced back after some correction.

What’s Ahead? Technical Outlook of SAIL:

On Monday, Nifty touched new highs and the top performing sector of the year 2021 again started gaining momentum, after consolidation SAIL has resumed the uptrend. Accumulation in the stock has been seen in the last week. In the next 1-2 trading sessions fresh breakout is possible in the stock, Resistance for the stock is at 127.80. If stock manages to close above resistance level we expect stock to hit 52 weeks high. For the short term traders and investors it provides an opportunity to go long once it breaches 127.80. Possible targets are 136 and 151. Today’s (Monday 31,May 2021) intraday low of 119.65 will act as support for the stock and should be the stop loss for the long side position.

Now Analyze Any Stock Yourself Just In a Few Minutes…

A Free but the Most Powerful Tool For Smarter Analysis of any stock. Analyze any stock at: StockFact – Top Stock Research, Screener And Analysis Tool